Arrowstreet Capital Limited Partnership Lowers Position in Mueller Industries, Inc. $MLI

Arrowstreet Capital Limited Partnership lessened its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 8.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 900,427 shares of the industrial products company’s stock after selling 83,856 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Mueller Industries were worth $71,557,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in MLI. Cetera Investment Advisers grew its stake in shares of Mueller Industries by 11.8% during the 1st quarter. Cetera Investment Advisers now owns 17,581 shares of the industrial products company’s stock valued at $1,339,000 after acquiring an additional 1,849 shares during the period. LPL Financial LLC boosted its position in shares of Mueller Industries by 3.6% in the first quarter. LPL Financial LLC now owns 166,836 shares of the industrial products company’s stock worth $12,703,000 after purchasing an additional 5,795 shares during the period. Mackenzie Financial Corp increased its stake in shares of Mueller Industries by 146.0% in the first quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company’s stock worth $674,000 after purchasing an additional 5,254 shares in the last quarter. US Bancorp DE raised its position in shares of Mueller Industries by 3.2% during the 1st quarter. US Bancorp DE now owns 18,860 shares of the industrial products company’s stock valued at $1,436,000 after purchasing an additional 582 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in shares of Mueller Industries during the 1st quarter valued at $335,000. Institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $105.00.

Mueller Industries Price Performance

Shares of MLI opened at $113.06 on Friday. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of 16.87 and a beta of 1.04. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $113.27. The business’s 50 day simple moving average is $104.63 and its 200-day simple moving average is $92.82.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.11). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.48 EPS.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, December 5th. Mueller Industries’s dividend payout ratio is currently 14.93%.

Insider Activity at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 158,000 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the sale, the chief executive officer directly owned 1,119,241 shares in the company, valued at $116,759,221.12. This represents a 12.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Scott Jay Goldman sold 4,234 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the sale, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 355,234 shares of company stock valued at $36,944,652. Insiders own 2.70% of the company’s stock.

Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.